Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. Ask your broker which lenders in their network accept blended income verification.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional financing. Rates vary by borrower profile and market conditions.

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders require 10–20% down. Stronger credit and lower LTV ratios improve your rate and approval odds.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want a 640 or higher for non-QM programs. Some go down to 620 with compensating factors like larger down payments.

Question 5

Does it matter which bank I use for bank statement loans?

Accepted Answer

No, but keep business and personal accounts separate. Mixed deposits complicate the income calculation and slow down underwriting.

Question 6

Which loan closes faster in Sunnyvale?

Accepted Answer

1099 loans typically have simpler documentation review. Bank statement loans take longer when lenders must analyze 24 months of deposits.

1099 Loans vs Bank Statement Loans in Sunnyvale